Larry answered your question perfectly! You really cannot lock into a rate on any of the mortgage products, USDA, FHA, or conventional until you know the settlement date. Lenders have to lock a loan for a certain time period. If my company was processing your loan and we locked for 60 days, but you did not have an answer from the seller's back until 61 days, you rate would have expired.
So you can lock, but the rate will expire without a firm settlement date in place and a lock that covers that date.
Best of luck to you!
Joseph S. Cordova NMLS# 146855
Evesham Mortgage, LLC
22 South Maple Avenue
Marlton, NJ 08053
office: (856) 985-9944 ext. 103
direct fax: (206) 333-0946
cell: (856) 304-2381
"The finest compliment I could ever receive is the referral from my friends and customers."
Apply online at: www.joecordova.com... more
I'm showing Kelly Holmquist of Keller Williams as the agent at 13 Cleacen Ave (the only Cleacen one in the MLS) at 908-451-4676. If you'd like representation on the buy side you can call me at 201-486-2974.... more